[Congressional Record Volume 155, Number 161 (Monday, November 2, 2009)]
[Senate]
[Pages S10994-S11000]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 2721. Mr. CORKER submitted an amendment intended to be proposed by 
him to the bill H.R. 3548, to amend the Supplemental Appropriations 
Act, 2008 to provide for the temporary availability of certain 
additional emergency unemployment compensation, and for other purposes; 
which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. TARP MANAGEMENT IMPROVEMENTS.

       (a) Short Title.--This section may be cited as the ``TARP 
     Recipient Ownership Trust Act of 2009''.
       (b) Authority of the Secretary of the Treasury to Delegate 
     TARP Asset Management.--Section 106(b) of the Emergency 
     Economic Stabilization Act of 2008 (12 U.S.C. 5216(b)) is 
     amended by inserting before the period at the end the 
     following: ``, and the Secretary may delegate such management 
     authority to a private entity established under section 
     101(c)(4), except as to the supervision of the Secretary, as 
     the Secretary determines appropriate, with respect to the 
     assets of any designated TARP recipient, as required under 
     subsection (c) of the TARP Recipient Ownership Trust Act of 
     2009''.
       (c) Conforming Amendment.--Section 101(c)(4) of the 
     Emergency Economic Stabilization Act of 2008 (12 U.S.C. 
     5211(c)(4)) is amended by inserting before the period at the 
     end the following: ``, provided that a TARP Trust established 
     and operated in accordance with subsection (d) of the TARP 
     Recipient Ownership Trust Act of 2009 shall satisfy the 
     requirements of this section.''.
       (d) Creation of Management Authority for Designated TARP 
     Recipients.--
       (1) Transfers to tarp trust.--Notwithstanding any provision 
     of the Emergency Economic Stabilization Act of 2008, or any 
     other provision of law, the Secretary shall transfer all 
     voting, nonvoting, and common equity in any designated TARP 
     recipient to a limited liability company established by the 
     Secretary for such purpose, to be held and managed on behalf 
     of United States taxpayers and to be known as a ``TARP 
     Trust''.
       (2) Transfer timing.--Transfers under paragraph (1) shall 
     occur not later than 120 days after--
       (A) the date of enactment of this Act, with respect to any 
     entity that is a designated TARP recipient on that date of 
     enactment; and
       (B) the date on which an entity becomes a designated TARP 
     recipient, with respect to any entity that becomes a 
     designated TARP recipient after that date of enactment.
       (3) Limitation.--Nothing in this Act may be construed to 
     limit the authority of the Secretary of the Treasury to sell 
     or dispose of, or enter into contracts, commitments, or 
     arrangements to sell or dispose of, any asset to be 
     transferred to TARP Trust under this subsection during the 
     period beginning on the date of enactment of this Act and 
     ending on the date on which all assets are transferred to a 
     TARP Trust.
       (4) Appointment of trustees.--
       (A) In general.--The President shall appoint 3 trustees, 
     managers, or directors (in this section referred to as 
     ``trustees''), to manage the equity held in a TARP Trust.
       (B) Criteria.--A trustee appointed under this subsection--
       (i) may not be an elected or appointed Government official;
       (ii) may not be an employee, director, or officer of any 
     designated TARP recipient or have any financial interest in 
     any designated TARP recipient that is material, in accordance 
     with the regulations or guidelines of the Secretary issued 
     under this section;
       (iii) may be removed by the Secretary for cause; and
       (iv) shall be paid at a rate equal to the rate payable for 
     positions at level III of the Executive Schedule under 
     section 5311 of title 5, United States Code.
       (C) Indemnification.--The TARP Trust shall indemnify the 
     trustees, and the trustees shall be held harmless, with 
     respect to any claim made by a third party arising out of the 
     actions of the trustees, to the extent that such actions were 
     taken in the normal course of the duties of the trustees, and 
     were taken in good faith in the fulfillment of the fiduciary 
     duty of the trustees.
       (5) Duties of trust.--Consistent with the goal of 
     protecting the interests and investment of the United States 
     taxpayer, with the purpose of maintaining economic stability 
     and maximizing the return on investment to the taxpayer in a 
     reasonable period of time, the trustees of the TARP Trust 
     shall--
       (A) exercise the voting rights of any shares held by the 
     TARP Trust, in accordance with the voting principles;
       (B) not participate in the day-to-day management of any 
     designated TARP recipient;
       (C) develop and implement a plan of disposition;
       (D) develop an annual operating budget for its operations, 
     which shall be subject to the approval of the Secretary, and 
     conduct the operations of the TARP Trust in accordance with 
     that budget;
       (E) provide for an accounting of the books and records of 
     the TARP Trust that is audited on an annual basis, as well as 
     monthly unaudited accounting and reporting, and such other 
     reports as the Secretary shall require;
       (F) hire such employees, advisors, and agents as may be 
     required, define their duties, and determine their 
     compensation, without regard to the provisions of title 5, 
     United States Code, or other laws related to the appointment, 
     compensation, or termination of Federal employees;
       (G) enter into such contracts as may be required, including 
     contracts for services authorized by section 3109 of title 5, 
     United States Code, without regard to any other provision of 
     law regarding public contracts;
       (H) comply with standards and practices of the Secretary 
     with respect to custody of assets, cash management services, 
     and related activities including depositing the net cash 
     proceeds of any disposition of assets in an account 
     established by the Secretary pursuant to the Emergency 
     Economic Stabilization Act of 2008; and
       (I) comply with the requirements of the Federal Credit 
     Reform Act of 1990 (2 U.S.C. 661 et seq.) and the Emergency 
     Economic Stabilization Act of 2008 (12 U.S.C. 5221 et

[[Page S10995]]

     seq.) with respect to budgeting, accounting, and financial 
     reporting.
       (6) Liquidation.--
       (A) In general.--The trustees shall liquidate a TARP Trust, 
     including the assets held by such trust, not later than 
     December 24, 2011, unless--
       (i) the trustees submit a report to the Congress that 
     liquidation would not maintain financial stability or 
     maximize the return on investment to the taxpayer; and
       (ii) not later than 15 calendar days after the date on 
     which the Congress receives such report, there is not enacted 
     into law a joint resolution disapproving the extension, as 
     described in subparagraph (B).
       (B) Contents of joint resolution.--For purposes of this 
     paragraph, the term ``joint resolution'' means only a joint 
     resolution--
       (i) that is introduced not later than 3 calendar days after 
     the date on which the report referred to in subparagraph 
     (A)(i) is received by the Congress;
       (ii) which does not have a preamble;
       (iii) the title of which is as follows: ``Joint resolution 
     relating to the disapproval of the extension of a TARP 
     Trust''; and
       (iv) the matter after the resolving clause of which is as 
     follows: ``That Congress disapproves the extension of a TARP 
     Trust established under the TARP Recipient Ownership Trust 
     Act of 2009.''.
       (C) Fast track consideration in house of representatives.--
       (i) Reconvening.--Upon receipt of a report under 
     subparagraph (A)(i), the Speaker, if the House would 
     otherwise be adjourned, shall notify the Members of the House 
     that, pursuant to this paragraph, the House shall convene not 
     later than the second calendar day after the date of receipt 
     of such report.
       (ii) Reporting and discharge.--Any committee of the House 
     of Representatives to which a joint resolution is referred 
     shall report it to the House not later than 5 calendar days 
     after the date of receipt of the report described in 
     subparagraph (A)(i). If a committee fails to report the joint 
     resolution within that period, the committee shall be 
     discharged from further consideration of the joint resolution 
     and the joint resolution shall be referred to the appropriate 
     calendar.
       (iii) Proceeding to consideration.--After each committee 
     authorized to consider a joint resolution reports it to the 
     House or has been discharged from its consideration, it shall 
     be in order, not later than the sixth day after Congress 
     receives the report described in subparagraph (A)(i), to move 
     to proceed to consider the joint resolution in the House. All 
     points of order against the motion are waived. Such a motion 
     shall not be in order after the House has disposed of a 
     motion to proceed on the joint resolution. The previous 
     question shall be considered as ordered on the motion to its 
     adoption without intervening motion. The motion shall not be 
     debatable. A motion to reconsider the vote by which the 
     motion is disposed of shall not be in order.
       (iv) Consideration.--The joint resolution shall be 
     considered as read. All points of order against the joint 
     resolution and against its consideration are waived. The 
     previous question shall be considered as ordered on the joint 
     resolution to its passage without intervening motion except 
     two hours of debate equally divided and controlled by the 
     proponent and an opponent. A motion to reconsider the vote on 
     passage of the joint resolution shall not be in order.
       (D) Fast track consideration in senate.--
       (i) Reconvening.--Upon receipt of a report under 
     subparagraph (A)(i), if the Senate has adjourned or recessed 
     for more than 2 days, the majority leader of the Senate, 
     after consultation with the minority leader of the Senate, 
     shall notify the Members of the Senate that, pursuant to this 
     paragraph, the Senate shall convene not later than the second 
     calendar day after receipt of such message.
       (ii) Placement on calendar.--Upon introduction in the 
     Senate, the joint resolution shall be placed immediately on 
     the calendar.
       (iii) Floor consideration.--

       (I) In general.--Notwithstanding Rule XXII of the Standing 
     Rules of the Senate, it is in order at any time during the 
     period beginning on the 4th day after the date on which 
     Congress receives a report of the plan of the Secretary 
     described in subparagraph (A)(i) and ending on the 6th day 
     after the date on which Congress receives a report of the 
     plan of the Secretary described in subparagraph (A)(i) (even 
     though a previous motion to the same effect has been 
     disagreed to) to move to proceed to the consideration of the 
     joint resolution, and all points of order against the joint 
     resolution (and against consideration of the joint 
     resolution) are waived. The motion to proceed is not 
     debatable. The motion is not subject to a motion to postpone. 
     A motion to reconsider the vote by which the motion is agreed 
     to or disagreed to shall not be in order. If a motion to 
     proceed to the consideration of the resolution is agreed to, 
     the joint resolution shall remain the unfinished business 
     until disposed of.
       (II) Debate.--Debate on the joint resolution, and on all 
     debatable motions and appeals in connection therewith, shall 
     be limited to not more than 10 hours, which shall be divided 
     equally between the majority and minority leaders or their 
     designees. A motion further to limit debate is in order and 
     not debatable. An amendment to, or a motion to postpone, or a 
     motion to proceed to the consideration of other business, or 
     a motion to recommit the joint resolution is not in order.
       (III) Vote on passage.--The vote on passage shall occur 
     immediately following the conclusion of the debate on a joint 
     resolution, and a single quorum call at the conclusion of the 
     debate if requested in accordance with the rules of the 
     Senate.
       (IV) Rulings of the chair on procedure.--Appeals from the 
     decisions of the Chair relating to the application of the 
     rules of the Senate, as the case may be, to the procedure 
     relating to a joint resolution shall be decided without 
     debate.

       (E) Rules relating to senate and house of 
     representatives.--
       (i) Coordination with action by other house.--If, before 
     the passage by one House of a joint resolution of that House, 
     that House receives from the other House a joint resolution, 
     then the following procedures shall apply:

       (I) The joint resolution of the other House shall not be 
     referred to a committee.
       (II) With respect to a joint resolution of the House 
     receiving the resolution--

       (aa) the procedure in that House shall be the same as if no 
     joint resolution had been received from the other House; but
       (bb) the vote on passage shall be on the joint resolution 
     of the other House.
       (ii) Treatment of joint resolution of other house.--If one 
     House fails to introduce or consider a joint resolution under 
     this paragraph, the joint resolution of the other House shall 
     be entitled to expedited floor procedures under this 
     paragraph.
       (iii) Treatment of companion measures.--If, following 
     passage of the joint resolution in the Senate, the Senate 
     then receives the companion measure from the House of 
     Representatives, the companion measure shall not be 
     debatable.
       (iv) Consideration after passage.--

       (I) In general.--If Congress passes a joint resolution, the 
     period beginning on the date the President is presented with 
     the joint resolution and ending on the date the President 
     takes action with respect to the joint resolution shall be 
     disregarded in computing the 15-calendar day period described 
     in subparagraph (A)(i).
       (II) Vetoes.--If the President vetoes the joint 
     resolution--

       (aa) the period beginning on the date the President vetoes 
     the joint resolution and ending on the date the Congress 
     receives the veto message with respect to the joint 
     resolution shall be disregarded in computing the 15-calendar 
     day period described in subparagraph (A)(i); and
       (bb) debate on a veto message in the Senate under this 
     paragraph shall be 1 hour equally divided between the 
     majority and minority leaders or their designees.
       (v) Rules of house of representatives and senate.--This 
     subparagraph, and subparagraphs (B), (C), and (D) are enacted 
     by Congress--

       (I) as an exercise of the rulemaking power of the Senate 
     and House of Representatives, respectively, and as such it is 
     deemed a part of the rules of each House, respectively, but 
     applicable only with respect to the procedure to be followed 
     in that House in the case of a joint resolution, and it 
     supersedes other rules only to the extent that it is 
     inconsistent with such rules; and
       (II) with full recognition of the constitutional right of 
     either House to change the rules (so far as relating to the 
     procedure of that House) at any time, in the same manner, and 
     to the same extent as in the case of any other rule of that 
     House.

       (7) Reporting.--The trustees of any TARP Trust shall 
     provide reports to the Secretary, with respect to the assets 
     of any such trust and their operations, as the Secretary may 
     request, and shall provide reports to Congress that are 
     similar to the reports that the Secretary would be required 
     to provide under the Emergency Economic Stabilization Act of 
     2008.
       (8) Oversight and audit.--A TARP Trust established in 
     accordance with this section shall be subject to audit and 
     oversight, to the same extent and in the same manner as 
     provided under sections 104, 116, 121, and 125 of the 
     Emergency Economic Stabilization Act of 2008, with respect to 
     the TARP generally.
       (9) Conflicts.--The Secretary shall issue regulations or 
     guidelines necessary to address and manage or to prohibit 
     conflicts of interest that may arise in connection with the 
     administration and execution of the authorities provided 
     under this section and the operations of any TARP Trust, as 
     soon as practicable after the date of enactment of this Act.
       (10) Funding.--The operating expenses of each TARP Trust 
     shall be administrative expenses payable under section 118 of 
     the Emergency Economic Stabilization Act of 2008, until such 
     time as the TARP Trust generates sufficient income to support 
     the expenses, as approved by the Secretary as part of the 
     annual operating budget of the TARP Trust.
       (e) Definitions.--As used in this section--
       (1) the term ``designated TARP recipient'' means any entity 
     that has received, or receives, financial assistance under 
     the Troubled Asset Relief Program or any other provision of 
     the Emergency Economic Stabilization Act of 2008 (Public Law 
     110-343), such that the Department of the Treasury holds or 
     controls, as of the date of enactment of this Act, or will 
     hold or control at a future date, not less than a 10 percent 
     ownership stake in the outstanding equity that ordinarily 
     votes in the election of directors (except that warrants to 
     acquire voting equity shall not be included in such 
     determination,

[[Page S10996]]

     unless and until exercised) in the company as a result of 
     such assistance, other than any investment fund created under 
     the Public Private Investment Partnership Program under TARP 
     or any other special purpose vehicle that was created in 
     connection with purchasing or insuring troubled assets, 
     except that stock held in a trust of which the trustees were 
     appointed by the Federal Reserve Bank of New York shall not 
     be deemed held or controlled by the Department of the 
     Treasury for purposes of this section;
       (2) the term ``Secretary'' means the Secretary of the 
     Treasury or the designee of the Secretary;
       (3) the terms ``director'', ``issuer'', ``securities'', and 
     ``securities laws'' have the same meanings as in section 3 of 
     the Securities Exchange Act of 1934 (15 U.S.C. 78c);
       (4) the term ``plan of disposition'' with respect to any 
     TARP Trust, means a plan to dispose of the assets of such 
     trust in a timely and orderly manner and in a manner that is 
     consistent with the duties of the TARP Trust; and
       (5) the term ``Voting Principles'' means, with respect to 
     any voting rights of equity shares in any designated TARP 
     recipient, that the trustees shall--
       (A) exercise such voting rights on--
       (i) the membership of the board of directors (or similar 
     governing body) of the company;
       (ii) amendments to the corporate charter or bylaws (or 
     similar operating document) of the company;
       (iii) mergers, liquidations, substantial asset sales, and 
     other major corporate transactions involving the company; and
       (iv) the issuance of securities on which shareholders are 
     entitled to vote; and
       (B) vote on any other issue proportionally with the other 
     shareholders of the company.
       (f) Oversight of Trustees.--Section 121 of the Emergency 
     Economic Stability Act of 2008 (12 U.S.C. 5231) is amended--
       (1) by redesignating subsection (k) as subsection (l); and
       (2) by inserting after subsection (j) the following:
       ``(k) Oversight of Trustees.--Notwithstanding any other 
     provision of law, and in addition to the authorities set 
     forth in this Act, the Special Inspector General may audit, 
     investigate, and conduct other oversight activities of the 
     operations of any TARP Trust established or trustee appointed 
     in connection with the Federal Government equity or other 
     ownership interest in any institution that has received 
     financial assistance pursuant to section 101(c)(4).''.
                                 ______
                                 
  SA 2722. Mr. JOHANNS submitted an amendment intended to be proposed 
by him to the bill H.R. 3548, to amend the Supplemental Appropriations 
Act, 2008 to provide for the temporary availability of certain 
additional emergency unemployment compensation, and for other purposes; 
which was ordered to lie on the table; as follows:

       Strike all after the enacting clause and insert the 
     following:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Worker, Homeownership, and 
     Business Assistance Act of 2009''.

     SEC. 2. REVISIONS TO SECOND-TIER BENEFITS.

       (a) In General.--Section 4002(c) of the Supplemental 
     Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 
     note) is amended--
       (1) in paragraph (1)--
       (A) in the matter preceding subparagraph (A), by striking 
     ``If'' and all that follows through ``paragraph (2))'' and 
     inserting ``At the time that the amount established in an 
     individual's account under subsection (b)(1) is exhausted'';
       (B) in subparagraph (A), by striking ``50 percent'' and 
     inserting ``54 percent''; and
       (C) in subparagraph (B), by striking ``13'' and inserting 
     ``14'';
       (2) by striking paragraph (2); and
       (3) by redesignating paragraph (3) as paragraph (2).
       (b) Effective Date.--The amendments made by this section 
     shall apply as if included in the enactment of the 
     Supplemental Appropriations Act, 2008, except that no amount 
     shall be payable by virtue of such amendments with respect to 
     any week of unemployment commencing before the date of the 
     enactment of this Act.

     SEC. 3. THIRD-TIER EMERGENCY UNEMPLOYMENT COMPENSATION.

       (a) In General.--Section 4002 of the Supplemental 
     Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 
     note) is amended by adding at the end the following new 
     subsection:
       ``(d) Third-Tier Emergency Unemployment Compensation.--
       ``(1) In general.--If, at the time that the amount added to 
     an individual's account under subsection (c)(1) (hereinafter 
     `second-tier emergency unemployment compensation') is 
     exhausted or at any time thereafter, such individual's State 
     is in an extended benefit period (as determined under 
     paragraph (2)), such account shall be further augmented by an 
     amount (hereinafter `third-tier emergency unemployment 
     compensation') equal to the lesser of--
       ``(A) 50 percent of the total amount of regular 
     compensation (including dependents' allowances) payable to 
     the individual during the individual's benefit year under the 
     State law; or
       ``(B) 13 times the individual's average weekly benefit 
     amount (as determined under subsection (b)(2)) for the 
     benefit year.
       ``(2) Extended benefit period.--For purposes of paragraph 
     (1), a State shall be considered to be in an extended benefit 
     period, as of any given time, if--
       ``(A) such a period would then be in effect for such State 
     under such Act if section 203(d) of such Act--
       ``(i) were applied by substituting `4' for `5' each place 
     it appears; and
       ``(ii) did not include the requirement under paragraph 
     (1)(A) thereof; or
       ``(B) such a period would then be in effect for such State 
     under such Act if--
       ``(i) section 203(f) of such Act were applied to such State 
     (regardless of whether the State by law had provided for such 
     application); and
       ``(ii) such section 203(f)--

       ``(I) were applied by substituting `6.0' for `6.5' in 
     paragraph (1)(A)(i) thereof; and
       ``(II) did not include the requirement under paragraph 
     (1)(A)(ii) thereof.

       ``(3) Limitation.--The account of an individual may be 
     augmented not more than once under this subsection.''.
       (b) Conforming Amendment to Non-Augmentation Rule.--Section 
     4007(b)(2) of the Supplemental Appropriations Act, 2008 
     (Public Law 110-252; 26 U.S.C. 3304 note) is amended--
       (1) by striking ``then section 4002(c)'' and inserting 
     ``then subsections (c) and (d) of section 4002''; and
       (2) by striking ``paragraph (2) of such section)'' and 
     inserting ``paragraph (2) of such subsection (c) or (d) (as 
     the case may be))''.
       (c) Effective Date.--The amendments made by this section 
     shall apply as if included in the enactment of the 
     Supplemental Appropriations Act, 2008, except that no amount 
     shall be payable by virtue of such amendments with respect to 
     any week of unemployment commencing before the date of the 
     enactment of this Act.

     SEC. 4. FOURTH-TIER EMERGENCY UNEMPLOYMENT COMPENSATION.

       (a) In General.--Section 4002 of the Supplemental 
     Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 
     note), as amended by section 3(a), is amended by adding at 
     the end the following new subsection:
       ``(e) Fourth-Tier Emergency Unemployment Compensation.--
       ``(1) In general.--If, at the time that the amount added to 
     an individual's account under subsection (d)(1) (third-tier 
     emergency unemployment compensation) is exhausted or at any 
     time thereafter, such individual's State is in an extended 
     benefit period (as determined under paragraph (2)), such 
     account shall be further augmented by an amount (hereinafter 
     `fourth-tier emergency unemployment compensation') equal to 
     the lesser of--
       ``(A) 24 percent of the total amount of regular 
     compensation (including dependents' allowances) payable to 
     the individual during the individual's benefit year under the 
     State law; or
       ``(B) 6 times the individual's average weekly benefit 
     amount (as determined under subsection (b)(2)) for the 
     benefit year.
       ``(2) Extended benefit period.--For purposes of paragraph 
     (1), a State shall be considered to be in an extended benefit 
     period, as of any given time, if--
       ``(A) such a period would then be in effect for such State 
     under such Act if section 203(d) of such Act--
       ``(i) were applied by substituting `6' for `5' each place 
     it appears; and
       ``(ii) did not include the requirement under paragraph 
     (1)(A) thereof; or
       ``(B) such a period would then be in effect for such State 
     under such Act if--
       ``(i) section 203(f) of such Act were applied to such State 
     (regardless of whether the State by law had provided for such 
     application); and
       ``(ii) such section 203(f)--

       ``(I) were applied by substituting `8.5' for `6.5' in 
     paragraph (1)(A)(i) thereof; and
       ``(II) did not include the requirement under paragraph 
     (1)(A)(ii) thereof.

       ``(3) Limitation.--The account of an individual may be 
     augmented not more than once under this subsection.''.
       (b) Conforming Amendment to Non-Augmentation Rule.--Section 
     4007(b)(2) of the Supplemental Appropriations Act, 2008 
     (Public Law 110-252; 26 U.S.C. 3304 note), as amended by 
     section 3(b), is amended--
       (1) by striking ``and (d)'' and inserting ``, (d), and (e) 
     of section 4002''; and
       (2) by striking ``or (d)'' and inserting ``, (d), or (e) 
     (as the case may be))''.
       (c) Effective Date.--The amendments made by this section 
     shall apply as if included in the enactment of the 
     Supplemental Appropriations Act, 2008, except that no amount 
     shall be payable by virtue of such amendments with respect to 
     any week of unemployment commencing before the date of the 
     enactment of this Act.

     SEC. 5. COORDINATION.

       Section 4002 of the Supplemental Appropriations Act, 2008 
     (Public Law 110-252; 26 U.S.C. 3304 note), as amended by 
     section 4, is amended by adding at the end the following new 
     subsection:
       ``(f) Coordination Rules.--
       ``(1) Coordination with extended compensation.--
     Notwithstanding an election under section 4001(e) by a State 
     to provide for the payment of emergency unemployment 
     compensation prior to extended compensation, such State may 
     pay extended compensation to an otherwise eligible individual 
     prior to any emergency unemployment compensation under 
     subsection (c), (d),

[[Page S10997]]

     or (e) (by reason of the amendments made by sections 2, 3, 
     and 4 of the Worker, Homeownership, and Business Assistance 
     Act of 2009), if such individual claimed extended 
     compensation for at least 1 week of unemployment after the 
     exhaustion of emergency unemployment compensation under 
     subsection (b) (as such subsection was in effect on the day 
     before the date of the enactment of this subsection).
       ``(2) Coordination with tiers ii, iii, and iv.--If a State 
     determines that implementation of the increased entitlement 
     to second-tier emergency unemployment compensation by reason 
     of the amendments made by section 2 of the Worker, 
     Homeownership, and Business Assistance Act of 2009 would 
     unduly delay the prompt payment of emergency unemployment 
     compensation under this title by reason of the amendments 
     made by such Act, such State may elect to pay third-tier 
     emergency unemployment compensation prior to the payment of 
     such increased second-tier emergency unemployment 
     compensation until such time as such State determines that 
     such increased second-tier emergency unemployment 
     compensation may be paid without such undue delay. If a State 
     makes the election under the preceding sentence, then, for 
     purposes of determining whether an account may be augmented 
     for fourth-tier emergency unemployment compensation under 
     subsection (e), such State shall treat the date of exhaustion 
     of such increased second-tier emergency unemployment 
     compensation as the date of exhaustion of third-tier 
     emergency unemployment compensation, if such date is later 
     than the date of exhaustion of the third-tier emergency 
     unemployment compensation.''.

     SEC. 6. TRANSFER OF FUNDS.

       Section 4004(e)(1) of the Supplemental Appropriations Act, 
     2008 (Public Law 110-252; 26 U.S.C. 3304 note) is amended by 
     striking ``Act;'' and inserting ``Act and sections 2, 3, and 
     4 of the Worker, Homeownership, and Business Assistance Act 
     of 2009;''.

     SEC. 7. EXPANSION OF MODERNIZATION GRANTS FOR UNEMPLOYMENT 
                   RESULTING FROM COMPELLING FAMILY REASON.

       (a) In General.--Clause (i) of section 903(f)(3)(B) of the 
     Social Security Act (42 U.S.C. 1103(f)(3)(B)) is amended to 
     read as follows:
       ``(i) One or both of the following offenses as selected by 
     the State, but in making such selection, the resulting change 
     in the State law shall not supercede any other provision of 
     law relating to unemployment insurance to the extent that 
     such other provision provides broader access to unemployment 
     benefits for victims of such selected offense or offenses:

       ``(I) Domestic violence, verified by such reasonable and 
     confidential documentation as the State law may require, 
     which causes the individual reasonably to believe that such 
     individual's continued employment would jeopardize the safety 
     of the individual or of any member of the individual's 
     immediate family (as defined by the Secretary of Labor); and
       ``(II) Sexual assault, verified by such reasonable and 
     confidential documentation as the State law may require, 
     which causes the individual reasonably to believe that such 
     individual's continued employment would jeopardize the safety 
     of the individual or of any member of the individual's 
     immediate family (as defined by the Secretary of Labor).''.

       (b) Effective Date.--The amendment made by this section 
     shall apply with respect to State applications submitted on 
     and after January 1, 2010.

     SEC. 8. TREATMENT OF ADDITIONAL REGULAR COMPENSATION.

       The monthly equivalent of any additional compensation paid 
     by reason of section 2002 of the Assistance for Unemployed 
     Workers and Struggling Families Act, as contained in Public 
     Law 111-5 (26 U.S.C. 3304 note; 123 Stat. 438) shall be 
     disregarded after the date of the enactment of this Act in 
     considering the amount of income and assets of an individual 
     for purposes of determining such individual's eligibility 
     for, or amount of, benefits under the Supplemental Nutrition 
     Assistance Program (SNAP).

     SEC. 9. ADDITIONAL EXTENDED UNEMPLOYMENT BENEFITS UNDER THE 
                   RAILROAD UNEMPLOYMENT INSURANCE ACT.

       (a) Benefits.--Section 2(c)(2)(D) of the Railroad 
     Unemployment Insurance Act, as added by section 2006 of the 
     American Recovery and Reinvestment Act of 2009 (Public Law 
     111-5), is amended--
       (1) in clause (iii)--
       (A) by striking ``June 30, 2009'' and inserting ``June 30, 
     2010''; and
       (B) by striking ``December 31, 2009'' and inserting 
     ``December 31, 2010''; and
       (2) by adding at the end of clause (iv) the following: ``In 
     addition to the amount appropriated by the preceding 
     sentence, out of any funds in the Treasury not otherwise 
     appropriated, there are appropriated $175,000,000 to cover 
     the cost of additional extended unemployment benefits 
     provided under this subparagraph, to remain available until 
     expended.''.
       (b) Administrative Expenses.--Section 2006 of division B of 
     the American Recovery and Reinvestment Act of 2009 (Public 
     Law 111-5; 123 Stat. 445) is amended by adding at the end of 
     subsection (b) the following: ``In addition to funds 
     appropriated by the preceding sentence, out of any funds in 
     the Treasury not otherwise appropriated, there are 
     appropriated to the Railroad Retirement Board $807,000 to 
     cover the administrative expenses associated with the payment 
     of additional extended unemployment benefits under section 
     2(c)(2)(D) of the Railroad Unemployment Insurance Act, to 
     remain available until expended.''.

     SEC. 10. USE OF STIMULUS FUNDS TO OFFSET COSTS OF PROGRAM 
                   CHANGES.

       Notwithstanding section 5 of the American Recovery and 
     Reinvestment Act of 2009 (Pub. Law 111-5), from the amounts 
     appropriated or made available and remaining unobligated 
     under Division A of such Act (other than under title X of 
     such Division A), there is hereby rescinded a total of 
     $9,110,000,000. The Director of the Office of Management and 
     Budget shall determine how to apply the rescission to which 
     accounts and in what amounts. Not later than 30 days after 
     the date of the enactment of this Act, the Director of the 
     Office of Management and Budget shall report to each 
     congressional committee the amounts so rescinded within the 
     jurisdiction of such committee.

     SEC. 11. EXTENSION AND MODIFICATION OF FIRST-TIME HOMEBUYER 
                   TAX CREDIT.

       (a) Extension of Application Period.--
       (1) In general.--Subsection (h) of section 36 of the 
     Internal Revenue Code of 1986 is amended--
       (A) by striking ``December 1, 2009'' and inserting ``May 1, 
     2010'',
       (B) by striking ``Section.--This section'' and inserting 
     ``Section.--
       ``(1) In general.--This section'', and
       (C) by adding at the end the following new paragraph:
       ``(2) Exception in case of binding contract.--In the case 
     of any taxpayer who enters into a written binding contract 
     before May 1, 2010, to close on the purchase of a principal 
     residence before July 1, 2010, paragraph (1) shall be applied 
     by substituting `July 1, 2010' for `May 1, 2010'.''.
       (2) Waiver of recapture.--
       (A) In general.--Subparagraph (D) of section 36(f)(4) of 
     such Code is amended by striking ``, and before December 1, 
     2009''.
       (B) Conforming amendment.--The heading of such subparagraph 
     (D) is amended by inserting ``and 2010'' after ``2009''.
       (3) Election to treat purchase in prior year.--Subsection 
     (g) of section 36 of such Code is amended to read as follows:
       ``(g) Election to Treat Purchase in Prior Year.--In the 
     case of a purchase of a principal residence after December 
     31, 2008, a taxpayer may elect to treat such purchase as made 
     on December 31 of the calendar year preceding such purchase 
     for purposes of this section (other than subsections (c), 
     (f)(4)(D), and (h)).''.
       (b) Special Rule for Long-Time Residents of Same Principal 
     Residence.--Subsection (c) of section 36 of the Internal 
     Revenue Code of 1986 is amended by adding at the end the 
     following new paragraph:
       ``(6) Exception for long-time residents of same principal 
     residence.--In the case of an individual (and, if married, 
     such individual's spouse) who has owned and used the same 
     residence as such individual's principal residence for any 5-
     consecutive-year period during the 8-year period ending on 
     the date of the purchase of a subsequent principal residence, 
     such individual shall be treated as a first-time homebuyer 
     for purposes of this section with respect to the purchase of 
     such subsequent residence.''.
       (c) Modification of Dollar and Income Limitations.--
       (1) Dollar limitation.--Subsection (b)(1) of section 36 of 
     the Internal Revenue Code of 1986 is amended by adding at the 
     end the following new subparagraph:
       ``(D) Special rule for long-time residents of same 
     principal residence.--In the case of a taxpayer to whom a 
     credit under subsection (a) is allowed by reason of 
     subsection (c)(6), subparagraphs (A), (B), and (C) shall be 
     applied by substituting `$6,500' for `$8,000' and `$3,250' 
     for `$4,000'.''.
       (2) Income limitation.--Subsection (b)(2)(A)(i)(II) of 
     section 36 of such Code is amended by striking ``$75,000 
     ($150,000'' and inserting ``$125,000 ($225,000''.
       (d) Limitation on Purchase Price of Residence.--Subsection 
     (b) of section 36 of the Internal Revenue Code of 1986 is 
     amended by adding at the end the following new paragraph:
       ``(3) Limitation based on purchase price.--No credit shall 
     be allowed under subsection (a) for the purchase of any 
     residence if the purchase price of such residence exceeds 
     $800,000.''.
       (e) Waiver of Recapture of First-Time Homebuyer Credit for 
     Individuals on Qualified Official Extended Duty.--Paragraph 
     (4) of section 36(f) of the Internal Revenue Code of 1986 is 
     amended by adding at the end the following new subparagraph:
       ``(E) Special rule for members of the armed forces, etc.--
       ``(i) In general.--In the case of the disposition of a 
     principal residence by an individual (or a cessation referred 
     to in paragraph (2)) after December 31, 2008, in connection 
     with Government orders received by such individual, or such 
     individual's spouse, for qualified official extended duty 
     service--

       ``(I) paragraph (2) and subsection (d)(2) shall not apply 
     to such disposition (or cessation), and
       ``(II) if such residence was acquired before January 1, 
     2009, paragraph (1) shall not apply to the taxable year in 
     which such disposition (or cessation) occurs or any 
     subsequent taxable year.

       ``(ii) Qualified official extended duty service.--For 
     purposes of this section, the

[[Page S10998]]

     term `qualified official extended duty service' means service 
     on qualified official extended duty as--

       ``(I) a member of the uniformed services,
       ``(II) a member of the Foreign Service of the United 
     States, or
       ``(III) an employee of the intelligence community.

       ``(iii) Definitions.--Any term used in this subparagraph 
     which is also used in paragraph (9) of section 121(d) shall 
     have the same meaning as when used in such paragraph.''.
       (f) Extension of First-Time Homebuyer Credit for 
     Individuals on Qualified Official Extended Duty Outside the 
     United States.--
       (1) In general.--Subsection (h) of section 36 of the 
     Internal Revenue Code of 1986, as amended by subsection (a), 
     is amended by adding at the end the following:
       ``(3) Special rule for individuals on qualified official 
     extended duty outside the united states.--In the case of any 
     individual who serves on qualified official extended duty 
     service (as defined in section 121(d)(9)(C)(i)) outside the 
     United States for at least 90 days during the period 
     beginning after December 31, 2008, and ending before May 1, 
     2010, and, if married, such individual's spouse--
       ``(A) paragraphs (1) and (2) shall each be applied by 
     substituting `May 1, 2011' for `May 1, 2010', and
       ``(B) paragraph (2) shall be applied by substituting `July 
     1, 2011' for `July 1, 2010'.''.
       (g) Dependents Ineligible for Credit.--Subsection (d) of 
     section 36 of the Internal Revenue Code of 1986 is amended by 
     striking ``or'' at the end of paragraph (1), by striking the 
     period at the end of paragraph (2) and inserting ``, or'', 
     and by adding at the end the following new paragraph:
       ``(3) a deduction under section 151 with respect to such 
     taxpayer is allowable to another taxpayer for such taxable 
     year.''.
       (h) IRS Mathematical Error Authority.--Paragraph (2) of 
     section 6213(g) of the Internal Revenue Code of 1986 is 
     amended--
       (1) by striking ``and'' at the end of subparagraph (M),
       (2) by striking the period at the end of subparagraph (N) 
     and inserting ``, and'', and
       (3) by inserting after subparagraph (N) the following new 
     subparagraph:
       ``(O) an omission of any increase required under section 
     36(f) with respect to the recapture of a credit allowed under 
     section 36.''.
       (i) Coordination With First-Time Homebuyer Credit for 
     District of Columbia.--Paragraph (4) of section 1400C(e) of 
     the Internal Revenue Code of 1986 is amended by striking 
     ``and before December 1, 2009,''.
       (j) Effective Dates.--
       (1) In general.--The amendments made by subsections (b), 
     (c), (d), and (g) shall apply to residences purchased after 
     the date of the enactment of this Act.
       (2) Extensions.--The amendments made by subsections (a), 
     (f), and (i) shall apply to residences purchased after 
     November 30, 2009.
       (3) Waiver of recapture.--The amendment made by subsection 
     (e) shall apply to dispositions and cessations after December 
     31, 2008.
       (4) Mathematical error authority.--The amendments made by 
     subsection (h) shall apply to returns for taxable years 
     ending on or after April 9, 2008.

     SEC. 12. PROVISIONS TO ENHANCE THE ADMINISTRATION OF THE 
                   FIRST-TIME HOMEBUYER TAX CREDIT.

       (a) Age Limitation.--
       (1) In general.--Subsection (b) of section 36 of the 
     Internal Revenue Code of 1986, as amended by this Act, is 
     amended by adding at the end the following new paragraph:
       ``(4) Age limitation.--No credit shall be allowed under 
     subsection (a) with respect to the purchase of any residence 
     unless the taxpayer has attained age 18 as of the date of 
     such purchase. In the case of any taxpayer who is married 
     (within the meaning of section 7703), the taxpayer shall be 
     treated as meeting the age requirement of the preceding 
     sentence if the taxpayer or the taxpayer's spouse meets such 
     age requirement.''.
       (2) Conforming amendment.--Subsection (g) of section 36 of 
     such Code, as amended by this Act, is amended by inserting 
     ``(b)(4),'' before ``(c)''.
       (b) Documentation Requirement.--Subsection (d) of section 
     36 of the Internal Revenue Code of 1986, as amended by this 
     Act, is amended by striking ``or'' at the end of paragraph 
     (2), by striking the period at the end of paragraph (3) and 
     inserting ``, or'', and by adding at the end the following 
     new paragraph:
       ``(4) the taxpayer fails to attach to the return of tax for 
     such taxable year a properly executed copy of the settlement 
     statement used to complete such purchase.''.
       (c) Restriction on Married Individual Acquiring Residence 
     From Family of Spouse.--Clause (i) of section 36(c)(3)(A) of 
     the Internal Revenue Code of 1986 is amended by inserting 
     ``(or, if married, such individual's spouse)'' after ``person 
     acquiring such property''.
       (d) Certain Errors With Respect to the First-Time Homebuyer 
     Tax Credit Treated as Mathematical or Clerical Errors.--
     Paragraph (2) of section 6213(g) the Internal Revenue Code of 
     1986, as amended by this Act, is amended by striking ``and'' 
     at the end of subparagraph (N), by striking the period at the 
     end of subparagraph (O) and inserting ``, and'', and by 
     inserting after subparagraph (O) the following new 
     subparagraph:
       ``(P) an entry on a return claiming the credit under 
     section 36 if--
       ``(i) the Secretary obtains information from the person 
     issuing the TIN of the taxpayer that indicates that the 
     taxpayer does not meet the age requirement of section 
     36(b)(4),
       ``(ii) information provided to the Secretary by the 
     taxpayer on an income tax return for at least one of the 2 
     preceding taxable years is inconsistent with eligibility for 
     such credit, or
       ``(iii) the taxpayer fails to attach to the return the form 
     described in section 36(d)(4).''.
       (e) Effective Date.--
       (1) In general.--Except as otherwise provided in this 
     subsection, the amendments made by this section shall apply 
     to purchases after the date of the enactment of this Act.
       (2) Documentation requirement.--The amendments made by 
     subsection (b) shall apply to returns for taxable years 
     ending after the date of the enactment of this Act.
       (3) Treatment as mathematical and clerical errors.--The 
     amendments made by subsection (d) shall apply to returns for 
     taxable years ending on or after April 9, 2008.

     SEC. 13. 5-YEAR CARRYBACK OF OPERATING LOSSES.

       (a) In General.--Subparagraph (H) of section 172(b)(1) of 
     the Internal Revenue Code of 1986 is amended to read as 
     follows:
       ``(H) Carryback for 2008 or 2009 net operating losses.--
       ``(i) In general.--In the case of an applicable net 
     operating loss with respect to which the taxpayer has elected 
     the application of this subparagraph--

       ``(I) subparagraph (A)(i) shall be applied by substituting 
     any whole number elected by the taxpayer which is more than 2 
     and less than 6 for `2',
       ``(II) subparagraph (E)(ii) shall be applied by 
     substituting the whole number which is one less than the 
     whole number substituted under subclause (I) for `2', and
       ``(III) subparagraph (F) shall not apply.

       ``(ii) Applicable net operating loss.--For purposes of this 
     subparagraph, the term `applicable net operating loss' means 
     the taxpayer's net operating loss for a taxable year ending 
     after December 31, 2007, and beginning before January 1, 
     2010.
       ``(iii) Election.--

       ``(I) In general.--Any election under this subparagraph may 
     be made only with respect to 1 taxable year.
       ``(II) Procedure.--Any election under this subparagraph 
     shall be made in such manner as may be prescribed by the 
     Secretary, and shall be made by the due date (including 
     extension of time) for filing the return for the taxpayer's 
     last taxable year beginning in 2009. Any such election, once 
     made, shall be irrevocable.

       ``(iv) Limitation on amount of loss carryback to 5th 
     preceding taxable year.--

       ``(I) In general.--The amount of any net operating loss 
     which may be carried back to the 5th taxable year preceding 
     the taxable year of such loss under clause (i) shall not 
     exceed 50 percent of the taxpayer's taxable income (computed 
     without regard to the net operating loss for the loss year or 
     any taxable year thereafter) for such preceding taxable year.
       ``(II) Carrybacks and carryovers to other taxable years.--
     Appropriate adjustments in the application of the second 
     sentence of paragraph (2) shall be made to take into account 
     the limitation of subclause (I).
       ``(III) Exception for 2008 elections by small businesses.--
     Subclause (I) shall not apply to any loss of an eligible 
     small business with respect to any election made under this 
     subparagraph as in effect on the day before the date of the 
     enactment of the Worker, Homeownership, and Business 
     Assistance Act of 2009.

       ``(v) Special rules for small business.--

       ``(I) In general.--In the case of an eligible small 
     business which made or makes an election under this 
     subparagraph as in effect on the day before the date of the 
     enactment of the Worker, Homeownership, and Business 
     Assistance Act of 2009, clause (iii)(I) shall be applied by 
     substituting `2 taxable years' for `1 taxable year'.
       ``(II) Eligible small business.--For purposes of this 
     subparagraph, the term `eligible small business' has the 
     meaning given such term by subparagraph (F)(iii), except that 
     in applying such subparagraph, section 448(c) shall be 
     applied by substituting `$15,000,000' for `$5,000,000' each 
     place it appears.''.

       (b) Alternative Tax Net Operating Loss Deduction.--
     Subclause (I) of section 56(d)(1)(A)(ii) of the Internal 
     Revenue Code of 1986 is amended to read as follows:

       ``(I) the amount of such deduction attributable to an 
     applicable net operating loss with respect to which an 
     election is made under section 172(b)(1)(H), or''.

       (c) Loss From Operations of Life Insurance Companies.--
     Subsection (b) of section 810 of the Internal Revenue Code of 
     1986 is amended by adding at the end the following new 
     paragraph:
       ``(4) Carryback for 2008 or 2009 losses.--
       ``(A) In general.--In the case of an applicable loss from 
     operations with respect to which the taxpayer has elected the 
     application of this paragraph, paragraph (1)(A) shall be 
     applied by substituting any whole number elected by the 
     taxpayer which is more than 3 and less than 6 for `3'.
       ``(B) Applicable loss from operations.--For purposes of 
     this paragraph, the term `applicable loss from operations' 
     means the taxpayer's loss from operations for a taxable year 
     ending after December 31, 2007, and beginning before January 
     1, 2010.
       ``(C) Election.--

[[Page S10999]]

       ``(i) In general.--Any election under this paragraph may be 
     made only with respect to 1 taxable year.
       ``(ii) Procedure.--Any election under this paragraph shall 
     be made in such manner as may be prescribed by the Secretary, 
     and shall be made by the due date (including extension of 
     time) for filing the return for the taxpayer's last taxable 
     year beginning in 2009. Any such election, once made, shall 
     be irrevocable.
       ``(D) Limitation on amount of loss carryback to 5th 
     preceding taxable year.--
       ``(i) In general.--The amount of any loss from operations 
     which may be carried back to the 5th taxable year preceding 
     the taxable year of such loss under subparagraph (A) shall 
     not exceed 50 percent of the taxpayer's taxable income 
     (computed without regard to the loss from operations for the 
     loss year or any taxable year thereafter) for such preceding 
     taxable year.
       ``(ii) Carrybacks and carryovers to other taxable years.--
     Appropriate adjustments in the application of the second 
     sentence of paragraph (2) shall be made to take into account 
     the limitation of clause (i).''.
       (d) Anti-Abuse Rules.--The Secretary of the Treasury or the 
     Secretary's designee shall prescribe such rules as are 
     necessary to prevent the abuse of the purposes of the 
     amendments made by this section, including anti-stuffing 
     rules, anti-churning rules (including rules relating to sale-
     leasebacks), and rules similar to the rules under section 
     1091 of the Internal Revenue Code of 1986 relating to losses 
     from wash sales.
       (e) Effective Dates.--
       (1) In general.--Except as otherwise provided in this 
     subsection, the amendments made by this section shall apply 
     to net operating losses arising in taxable years ending after 
     December 31, 2007.
       (2) Alternative tax net operating loss deduction.--The 
     amendment made by subsection (b) shall apply to taxable years 
     ending after December 31, 2002.
       (3) Loss from operations of life insurance companies.--The 
     amendment made by subsection (d) shall apply to losses from 
     operations arising in taxable years ending after December 31, 
     2007.
       (4) Transitional rule.--In the case of any net operating 
     loss (or, in the case of a life insurance company, any loss 
     from operations) for a taxable year ending before the date of 
     the enactment of this Act--
       (A) any election made under section 172(b)(3) or 810(b)(3) 
     of the Internal Revenue Code of 1986 with respect to such 
     loss may (notwithstanding such section) be revoked before the 
     due date (including extension of time) for filing the return 
     for the taxpayer's last taxable year beginning in 2009, and
       (B) any application under section 6411(a) of such Code with 
     respect to such loss shall be treated as timely filed if 
     filed before such due date.
       (f) Exception for TARP Recipients.--The amendments made by 
     this section shall not apply to--
       (1) any taxpayer if--
       (A) the Federal Government acquired before the date of the 
     enactment of this Act an equity interest in the taxpayer 
     pursuant to the Emergency Economic Stabilization Act of 2008,
       (B) the Federal Government acquired before such date of 
     enactment any warrant (or other right) to acquire any equity 
     interest with respect to the taxpayer pursuant to the 
     Emergency Economic Stabilization Act of 2008, or
       (C) such taxpayer receives after such date of enactment 
     funds from the Federal Government in exchange for an interest 
     described in subparagraph (A) or (B) pursuant to a program 
     established under title I of division A of the Emergency 
     Economic Stabilization Act of 2008 (unless such taxpayer is a 
     financial institution (as defined in section 3 of such Act) 
     and the funds are received pursuant to a program established 
     by the Secretary of the Treasury for the stated purpose of 
     increasing the availability of credit to small businesses 
     using funding made available under such Act), or
       (2) the Federal National Mortgage Association and the 
     Federal Home Loan Mortgage Corporation, and
       (3) any taxpayer which at any time in 2008 or 2009 was or 
     is a member of the same affiliated group (as defined in 
     section 1504 of the Internal Revenue Code of 1986, determined 
     without regard to subsection (b) thereof) as a taxpayer 
     described in paragraph (1) or (2).

     SEC. 14. EXCLUSION FROM GROSS INCOME OF QUALIFIED MILITARY 
                   BASE REALIGNMENT AND CLOSURE FRINGE.

       (a) In General.--Subsection (n) of section 132 of the 
     Internal Revenue Code of 1986 is amended--
       (1) in subparagraph (1) by striking ``this subsection) to 
     offset the adverse effects on housing values as a result of a 
     military base realignment or closure'' and inserting ``the 
     American Recovery and Reinvestment Tax Act of 2009)'', and
       (2) in subparagraph (2) by striking ``clause (1) of''.
       (b) Effective Date.--The amendments made by this act shall 
     apply to payments made after February 17, 2009.

     SEC. 15. DELAY IN APPLICATION OF WORLDWIDE ALLOCATION OF 
                   INTEREST.

       (a) In General.--Paragraphs (5)(D) and (6) of section 
     864(f) of the Internal Revenue Code of 1986 are each amended 
     by striking ``December 31, 2010'' and inserting ``December 
     31, 2017''.
       (b) Conforming Amendment.--Section 864(f) of the Internal 
     Revenue Code of 1986 is amended by striking paragraph (7).
       (c) Effective Dates.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2010.

     SEC. 16. INCREASE IN PENALTY FOR FAILURE TO FILE A 
                   PARTNERSHIP OR S CORPORATION RETURN.

       (a) In General.--Sections 6698(b)(1) and 6699(b)(1) of the 
     Internal Revenue Code of 1986 are each amended by striking 
     ``$89'' and inserting ``$195''.
       (b) Effective Date.--The amendments made by this section 
     shall apply to returns for taxable years beginning after 
     December 31, 2009.

     SEC. 17. CERTAIN TAX RETURN PREPARERS REQUIRED TO FILE 
                   RETURNS ELECTRONICALLY.

       (a) In General.--Subsection (e) of section 6011 of the 
     Internal Revenue Code of 1986 is amended by adding at the end 
     the following new paragraph:
       ``(3) Special rule for tax return preparers.--
       ``(A) In general.--The Secretary shall require than any 
     individual income tax return prepared by a tax return 
     preparer be filed on magnetic media if--
       ``(i) such return is filed by such tax return preparer, and
       ``(ii) such tax return preparer is a specified tax return 
     preparer for the calendar year during which such return is 
     filed.
       ``(B) Specified tax return preparer.--For purposes of this 
     paragraph, the term `specified tax return preparer' means, 
     with respect to any calendar year, any tax return preparer 
     unless such preparer reasonably expects to file 10 or fewer 
     individual income tax returns during such calendar year.
       ``(C) Individual income tax return.--For purposes of this 
     paragraph, the term `individual income tax return' means any 
     return of the tax imposed by subtitle A on individuals, 
     estates, or trusts.''.
       (b) Conforming Amendment.--Paragraph (1) of section 6011(e) 
     of the Internal Revenue Code of 1986 is amended by striking 
     ``The Secretary may not'' and inserting ``Except as provided 
     in paragraph (3), the Secretary may not''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to returns filed after December 31, 2010.

     SEC. 18. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.

       The percentage under paragraph (1) of section 202(b) of the 
     Corporate Estimated Tax Shift Act of 2009 in effect on the 
     date of the enactment of this Act is increased by 33.0 
     percentage points.

     SEC. 19. EMERGENCY DESIGNATION.

       For purposes of Senate enforcement, the amount resulting 
     from the provisions of, and amendments made by, this Act is 
     designated as an emergency requirement and necessary to meet 
     emergency needs pursuant to section 403 of S. Con. Res. 13 
     (111th Congress), the concurrent resolution on the budget for 
     fiscal year 2010.
                                 ______
                                 
  SA 2723. Mr. ENZI (for himself and Mrs. Hutchison) submitted an 
amendment intended to be proposed by him to the bill H.R. 3548, to 
amend the Supplemental Appropriations Act, 2008 to provide for the 
temporary availability of certain additional emergency unemployment 
compensation, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. __. ENCOURAGEMENT OF INNOVATIVE STATE PROGRAMS TO 
                   CONNECT UNEMPLOYMENT INSURANCE RECIPIENTS WITH 
                   JOBS AND OPPORTUNITIES TO ACQUIRE NEW SKILLS.

       (a) In General.--Section 903(f) of the Social Security Act 
     (42 U.S.C. 1103(f)) is amended--
       (1) in paragraph (1)--
       (A) in subparagraph (C), by striking ``Of the'' and 
     inserting ``Subject to subparagraph (D), of the''; and
       (B) by adding at the end the following new subparagraph:
       ``(D) If a State elects this subparagraph to apply rather 
     than subparagraph (C), the maximum incentive payment 
     determined under subparagraph (B) with respect to such State 
     shall be transferred to the account of such State upon a 
     certification under paragraph (4)(B) that the State meets the 
     requirements of paragraph (8).'';
       (2) in paragraph (4)--
       (A) in subparagraph (A)--
       (i) by striking ``(2) or (3)'' the first place it appears 
     and inserting ``(2), (3), or (8)''; and
       (ii) by inserting ``or paragraph (8)'' before the period at 
     the end;
       (B) in subparagraph (B), by inserting ``or if the Secretary 
     of Labor finds that the State meets the requirements of 
     paragraph (8),'' after ``(2) or (3)''; and
       (C) in subparagraph (C)--
       (i) in clause (i), by striking ``(2) or (3)'' and inserting 
     ``(2), (3), or (8)''; and
       (ii) in clause (iii), by striking ``2011'' and inserting 
     ``2012'';
       (3) in paragraph (5)--
       (A) in subparagraph (A), by striking ``subparagraph (B)'' 
     and inserting ``subparagraphs (B) and (C)''; and
       (B) by adding at the end the following new subparagraph:
       ``(C) A State may use any amount transferred to the account 
     of such State under this subsection for the payment of 
     amounts under paragraph (8)(A)(iv).''; and

[[Page S11000]]

       (4) by adding at the end the following new paragraph:
       ``(8)(A) A State meets the requirements of this paragraph 
     if the State has in place a voluntary job placement program 
     under which an individual--
       ``(i) is paid weekly unemployment compensation;
       ``(ii) is placed with an employer who provides training to 
     the individual in order for the individual to acquire new 
     skills;
       ``(iii) may work up to 24 hours a week for a 6 week period 
     with such employer at no cost to such employer; and
       ``(iv) may receive payments to cover transportation, child 
     care, dependent care, and needs-related payments, that are 
     necessary to enable an individual to participate in the 
     program.
       ``(B) An individual participating in job placement program 
     under subparagraph (A) shall not be considered to be an 
     employee engaged in employment for purposes of the Fair Labor 
     Standards Act of 1938 (29 U.S.C. 201 et seq.).''.
                                 ______
                                 
  SA 2724. Mr. SCHUMER (for himself and Mr. Menendez) submitted an 
amendment intended to be proposed by him to the bill H.R. 3548, to 
amend the Supplemental Appropriations Act, 2008 to provide for the 
temporary availability of certain additional emergency unemployment 
compensation, and for other purposes; which was ordered to lie on the 
table; as follows:

       On page 27, between lines 6 and 7, insert the following:

       ``(IV) Exception for losses from specified fraudulent 
     arrangements.--Subclause (I) shall not apply to any qualified 
     loss resulting from a specified fraudulent arrangement 
     (within the meaning of Revenue Procedure 2009-20).

                          ____________________